Welcome to the forum Sue4891.

I’m afraid you cannot become bankrupt unless your trustee first releases you from your trust deed.

It’s worth remembering that you’ll be expected to contribute a monthly payment for four years in bankruptcy also (assuming the trustee believes you can afford to). This contribution will be assessed similarly to your trust deed payment.

Is the main issue here the cost of the drug addiction and gambling? Does this sometimes prevent your husband from paying for his fair share of the household bills and expenses? If that’s the case, I’m not sure whether becoming bankrupt would solve the serious money challenge you’re experiencing at the moment.

Hi Sue4891

It sounds like a very difficult situation that you have found yourself in, so I do really sympathise. A sequestration may help, but as TDA says it would require your trustee to terminate the Trust Deed first, as you cannot apply if you are currently in a Protected Trust Deed. Also you may not be any better off in terms of your monthly payment - in fact you may just be worse off as the 4-year term starts again.

If the source of the problem is your husband's drug and gambling habits then it may be difficult to resolve without him agreeing to make changes. Have you talked to him about it? Do you think he would be willing to seek help?

Morning Sue4891

Thank you for being so open and honest about your situation.

I agree with Kevin, a sequestration may help but will not deal or provide support on your current personal situation. There are fantastic support groups available but again, your husband has to be ready to reach out for support.

In assessing the level of contribution, the trustee has to take into account key essential expenditure items and may be the reason they aren't prepared to agree on a reduction of payments. If that is the case, a sequestration may be awarded and a contribution set at the same payment.

Hi Sue4891 and welcome to the forum.

I noticed that you posted at 1.37am on new year’s day! This really must be causing you a lot of stress and worry and I’m sorry to hear that.

As the others have said it’s not quite as easy as going into a Bankruptcy whilst you are in a Trust Deed. You need the Trustee to work with you for this to happen and it might not be the best option.

When you have spoken with your Trustee about your finances did they look at the full household income and expenditure and go over all of the bills? You want to ensure that you are as thorough as possible with them when it comes to this.

Does your husband know about your Trust Deed and the payment per month?

Does he see himself as having a problem with the cannabis and gambling and the damage and impact this is having on you and the kids? Often people addicted to drugs and gambling don’t see the wider consequences or impact that it has.

Could you reach out to a support group for drugs and gambling yourself to see if they can give you any help or tips on how to speak with your husband about it all and for him to realise the impact it is having? I know the groups are for the individuals but they could offer you some help on trying to work with him or get him to realise.